SBCWW — what changed in the latest 10-Q
A section-by-section comparison of SBCWW's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-13 vs the prior 10-Q · 2026-05-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +63 | −22 | ~19 | 25 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 4 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | Some risk factors updated | +4 | 0 | ~1 | 1 |
| Other information | Text added/removed | +3 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-13
For the three months ended June 30, 2026 and 2025, we generated revenues of $49,188,068 and $43,358,847, respectively, and we reported net income attributable to SBC Medical Group Holdings Incorporated of $10,692,822 and $2,458,240, respectively. For the six months ended June 30, 2026 and 2025, we g…
Because we acquired control of Waqoo, Inc. (“Waqoo”) on December 19, 2025 and consolidated the financial information of Waqoo and its subsidiary on a three-month reporting lag, our consolidated results for the three months ended June 30, 2026 include Waqoo’s results of operations for the period from…
Income before income taxes and equity in losses of equity method investees
Franchising revenue for the three months ended June 30, 2026 decreased to $9,515,061 by $492,520, or 4.92%, from $10,007,581 for the same period in 2025. This decrease was mainly due to the depreciation of JPY.
The other revenues for the three months ended June 30, 2026 decreased to $5,032,354 by $572,639, or 10.22%, from $5,604,993 for the same period in 2025. This decrease was mainly due to the depreciation of JPY, partially offset by higher revenue from leasehold improvement services.
Text removed vs the prior filing · source: 10-Q · 2026-05-14
For the three months ended March 31, 2026 and 2025, we generated revenues of $43,060,562 and $47,328,701, respectively, we reported net income attributable to SBC Medical Group Holdings Incorporated of $11,308,071 and $21,502,446, respectively, and cash flows provided by operating activities of $9,2…
Because we acquired control of Waqoo, Inc. ("Waqoo") on December 19, 2025 and consolidated the financial information of Waqoo and its subsidiary on a three-month reporting lag, Waqoo’s results of operations did not materially impact our consolidated results for the three months ended March 31, 2026.
Franchising revenue for the three months ended March 31, 2026 decreased to $9,091,740 by $6,627,542, or 42.16%, from $15,719,282 for the same period in 2025. This decrease was mainly due to the revision of the fee structure for determining service fees for each clinic of MCs based on the size, scale…
The other revenues for the three months ended March 31, 2026 increased to $6,258,743 by $3,350,724, or 115.22%, from $2,908,019 for the same period in 2025. This increase was mainly due to higher revenue related to leasehold improvement services revenue as well as higher revenues from Aesthetic Heal…
Cost of revenues for the three months ended March 31, 2026 was $12,713,828 compared to $9,595,617 for the same period in 2025. The increase was mainly due to higher costs related to leasehold improvement services, the inclusion of three months of costs from Aesthetic Healthcare Holdings Pte. Ltd. an…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-13
Because we are not currently in compliance with certain Nasdaq corporate governance requirements, Nasdaq may delist our securities from trading on its exchange, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
Our common stock began trading on the Nasdaq Global Market under the symbol “SBC” and our public warrants began trading on the Nasdaq Capital Market under the symbol “SBCWW” on September 18, 2024. In order to maintain the listing of our securities on Nasdaq, we must continue to satisfy Nasdaq’s cont…
On July 8, 2026, the date of our 2026 annual meeting of stockholders, we ceased to satisfy Nasdaq’s independence requirements for the composition of our board of directors and audit committee size requirements under Nasdaq Listing Rule 5605, as a result of the decision of one of our independent dire…
If Nasdaq delists our securities from trading on its exchange and we are not able to list our securities on another national securities exchange, we expect our securities could be quoted on an over-the-counter market. If this were to occur, we could face significant material adverse consequences, in…
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-13
As disclosed in our Current Report on Form 8-K, filed on July 14, 2026, on July 8, 2026, the Company’s board of directors approved and adopted the Company’s amended and restated bylaws (the “Amended and Restated Bylaws”), effective as of such date.
Among other items, including ministerial, clarifying and conforming changes, the Amended and Restated Bylaws reflect recent developments and clarifying revisions related to Delaware law and the federal securities laws (including with respect to stockholder proposals and meetings). The Amended and Re…
The foregoing description does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Bylaws, a copy of which is included as Exhibit 3.2 to this Quarterly Report and is incorporated herein by reference.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice